Specialty Chemicals Boost Meadwestvaco Q3 Profit

Packaging maker MeadWestvaco Corp posted a higher-than-expected quarterly profit on Wednesday largely due to strong sales for specialty chemicals.

For the third quarter, the company posted a net loss of $15 million, or 9 cents per share, compared with net income of $128 million, or 74 cents per share, in the year-earlier period.

The company earned 63 cents per share excluding items, such as restructuring charges.

By that measure, analysts had expected earnings of 55 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 3.2% to $1.56 billion. Analysts had expected $1.67 billion.

Volume fell in MeadWestvaco's consumer products unit, and increased only slightly in its consumer solutions business. However, volume jumped 11% in the specialty chemicals unit, and profit there increased 83%.